As everyone in the UK University world is aware, today is the day that the results of the REF – the "Research Excellence Framework" come out. The results are used to determine how a hefty pot of University funding is distributed, the so-called QR or Quality-Related funding (as opposed to funding won through specific research grants). Doing well in the REF is therefore very important if you want to have time funded to spend on research.
At Surrey, Physics did creditably. 25% of our submitted research (in the form of papers, and other evidence of impact of research) was considered 4* or "world-leading", 59% was 3* or "internationally excellent" and 16% was 2* "internationally recognised" with nothing falling into 1* ("nationally recognised") or unclassified. How this will be turned into funding is not yet clear, but I think that's a good result for us, and a steady improvement on last time.
I should give due credit to my colleagues who did a vast amount of work preparing the case. Thanks all.